WHUT (Howard University Television)
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Jul 17, 2012
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hsbc processes more than $1 trillion each and every day. that is what goes through the banking system. it has 110 million customers. it has 200,000 employees. it is a bank that does very well as making a lot of money and it pays its shareholders. shareholders know there will continue operating and making a lot of money. it is hugely embarrassing for the bank. he built the the actual statement, a bank allowed the bank to act as a fine answer to clients seeking a shadowy funds from the world's most dangerous. >> they're not mincing words. >> they are not mincing their words. we know they are going to apologize. they're going to say that we're going to make an absolute commitment. the whole global baking industry -- let's have a listen. >> what we had three years ago, for example, with the failure of lehman's. in financial terms, that was much bigger. three years down the line, these are the scandals. it gives a clearly public opinion against bankers. investors will start shying away again. all this uncertainty surrounding them. >> he is talki
hsbc processes more than $1 trillion each and every day. that is what goes through the banking system. it has 110 million customers. it has 200,000 employees. it is a bank that does very well as making a lot of money and it pays its shareholders. shareholders know there will continue operating and making a lot of money. it is hugely embarrassing for the bank. he built the the actual statement, a bank allowed the bank to act as a fine answer to clients seeking a shadowy funds from the world's...
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Jul 17, 2012
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from me hsbc -- from the hsbc subsidiary in mexico. that was not acted upon by hsbc monitors. they talked about the cayman islands, where there were 50,000 customers. no branch, no office, no employers. they allowed people to avoid paying taxes in certain areas, but there was no safeguard. the regulators felt the money that had been put into those accounts had come from the various sources. derrin number of those things going up -- nefarious sources. there were a number of those things going on. >> an extraordinary evidence coming out on capitol hill. after you watch this, synchronized swimming requires a level of athleticism that most of us can only dream of. she has been perfecting her retain it for years. now she is -- perfecting her routine it for years. now she is heading to the u.s.. >> there is so much that you do not see. there is so much work that goes into it. during a performance, you only see smiling faces. it looks so light and easy. under water, it is extremely hard work and you feel like you're dying. ♪ i was born in russia. my dad was offered a job in califor
from me hsbc -- from the hsbc subsidiary in mexico. that was not acted upon by hsbc monitors. they talked about the cayman islands, where there were 50,000 customers. no branch, no office, no employers. they allowed people to avoid paying taxes in certain areas, but there was no safeguard. the regulators felt the money that had been put into those accounts had come from the various sources. derrin number of those things going up -- nefarious sources. there were a number of those things going...
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Jul 18, 2012
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before you want to go i want to thank hsbc for the cooperation as i said in my opening statement, hsbc was totally cooperative with this investigation. we appreciate that. so, we are going to have you go first followed by mr. thurston and mr. gallagher then mr. login then we will turn to questions. mr. bagley, please proceed. >> thank you pittard could morning german 11, dr. colburn and members of the subcommittee. my name is david bagley. thank you for the opportunity to be here today. i have submitted written testimony but in the interest of time, i have can't find my remarks to a few points. since 2002 i've been the head of the group compliance said that global parent of hsbc. having been for 30 years in the banking that operates approximately 80 to the sections worldwide, i have dedicated my career not only within each spc but through by broad industry work as well to meeting the significant challenges that confront the global banking institutions in the world that we live. i followed the work of the subcommittee and have seen how your work has advanced important dialogues and how
before you want to go i want to thank hsbc for the cooperation as i said in my opening statement, hsbc was totally cooperative with this investigation. we appreciate that. so, we are going to have you go first followed by mr. thurston and mr. gallagher then mr. login then we will turn to questions. mr. bagley, please proceed. >> thank you pittard could morning german 11, dr. colburn and members of the subcommittee. my name is david bagley. thank you for the opportunity to be here today. i...
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Jul 30, 2012
07/12
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so much going on within hsbc at the moment. the key is about the provisioning, the level of provisioning and not necessarily talk about provisioning for scandals or libor concern. i'm talking about provisions on their loan book. hsbc has been in front of the curve and analysts are looking for potentially in '13 and '4 some upside surprise. the income cost ratio, the grand plan of hsbc is to bring that to a level of 52%. without seeing the numbers my suspicion is -- >> i'm looking for that. 11.3%. from what you've heard at the moment and we're getting more information what are your thoughts? >> well, i mean similarly, we were expecting hsbc to come in at approximately $12.5 billion. i think that's on the liberal side. so as the person said earlier they may not need that much. they have been very astute when it comes to capital adequacy. remarkably good with nonperforming loans. hsbc surprised the market and plowed back in the next quarter some of the provisioning. >> let's be clear, the 2 billion in total includes for u.s. law e
so much going on within hsbc at the moment. the key is about the provisioning, the level of provisioning and not necessarily talk about provisioning for scandals or libor concern. i'm talking about provisions on their loan book. hsbc has been in front of the curve and analysts are looking for potentially in '13 and '4 some upside surprise. the income cost ratio, the grand plan of hsbc is to bring that to a level of 52%. without seeing the numbers my suspicion is -- >> i'm looking for...
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Jul 19, 2012
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of hsbc. having been a compliance officer for 13 years in a bank that operates an approximate 80 jurisdictions worldwide, i have dedicated my career not only within hsbc, but through my broader industry work as well. beating significant challenges that confront global banking institutions in the world we live in. i have followed the work of the subcommittee and seeing how your work has advanced important dialogues and help the international banking committee including hsbc identify and address potential vulnerabilities. my chief focus as that of compliance at hsbc has been promoting the values that we as a bank have set for ourselves and the guys that you and our regulators both in united states and around the world rightly expect from a global bank like hsbc. and while there have been successes on many compliance issues, i recognize that there have been some significant areas of failure. i have said before and i will say again, despite the best efforts and intentions of many dedicated profess
of hsbc. having been a compliance officer for 13 years in a bank that operates an approximate 80 jurisdictions worldwide, i have dedicated my career not only within hsbc, but through my broader industry work as well. beating significant challenges that confront global banking institutions in the world we live in. i have followed the work of the subcommittee and seeing how your work has advanced important dialogues and help the international banking committee including hsbc identify and address...
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Jul 17, 2012
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hsbc still faces a justice department investigation and potential fines. an egyptian train has derailed near cairo, injuring at least 15 passengers. the train derailed in giza some 20 kilometers southwest of cairo. some reports say the train burst into flames. officials say there were no deaths. that israel's government is in crisis. -- >> israel's government is in crisis. the biggest partner in benjamin netanyahu's coalition has split from the government over whether orthodox jews should continue to be excused from military service. the party says it is disappointed with netanyahu's failure to move forward with the ship here the prime minister now holds only a fragile majority in parliament. >> the united nations secretary- general traveled to china for talks with president hu jintao, with the situation in syria high on the agenda. >> kofi annan once china and russia to get behind a united nations security council resolution aimed at stopping the fighting -- wants china and russia to get behind a united nations security council resolution. >> talks in mos
hsbc still faces a justice department investigation and potential fines. an egyptian train has derailed near cairo, injuring at least 15 passengers. the train derailed in giza some 20 kilometers southwest of cairo. some reports say the train burst into flames. officials say there were no deaths. that israel's government is in crisis. -- >> israel's government is in crisis. the biggest partner in benjamin netanyahu's coalition has split from the government over whether orthodox jews should...
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Jul 21, 2012
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even though the hsbc group was on notice, as early as 2001, hsbc affiliate's were sending these hidden aryan transactions through their accounts in the u.s., nobody did anything to stop it for years. you have recently become the head of compliance for the hsbc group. earlier that month, hbus was sent a memo laying out the business case for it to process iranian transactions. there was a substantial income opportunity. here is what you wrote in 2003. exhibit 45. the business case include references to practices which may constitute a breach of u.s. sanctions. in october 2003, one of your attorneys wrote to you that six banks were processing u.s. dollar payments that were being altered by hbeu abefore going to hbus. breaching these sanctions is a serious matter. as the head of compliance, you were making that point. when you learned of this, why was not the practice simply stopped right then? why did it take so long to fix? >> mr. chairman, that is an absolutely appropriate question. with the benefit of hindsight, this clearly took far too long to resolve. what i can say is when they cam
even though the hsbc group was on notice, as early as 2001, hsbc affiliate's were sending these hidden aryan transactions through their accounts in the u.s., nobody did anything to stop it for years. you have recently become the head of compliance for the hsbc group. earlier that month, hbus was sent a memo laying out the business case for it to process iranian transactions. there was a substantial income opportunity. here is what you wrote in 2003. exhibit 45. the business case include...
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Jul 17, 2012
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but then hsbc also not an american bank came out today as we just reported. helping -- it could be iran, it certainly was mexican drug cartels launder money in and out of the united states. numbers apparently that stood out like hockey sticks. so are we treating foreign banks more easily than american banks? why is it that foreign banks keep coming up? >> well, it seems to be foreign banks, although many foreign banks are clearly operating here in the united states as well. and i think in the particular case that you just spoke about a few minutes ago, that bank is the u.s. subsidiary or the u.s. bank of that foreign company. the bottom line is someone who was a sponsor of the sanctions on the central bank of iran, it makes me incredibly concerned because at the end of the day, our ability to stop terrorism, our ability in the case of iran from seeking nuclear weapons, is dependent upon the financial institutions taking the reports and publicly making sure that they are following the law and can informing us so that he can with have flows of money that circum
but then hsbc also not an american bank came out today as we just reported. helping -- it could be iran, it certainly was mexican drug cartels launder money in and out of the united states. numbers apparently that stood out like hockey sticks. so are we treating foreign banks more easily than american banks? why is it that foreign banks keep coming up? >> well, it seems to be foreign banks, although many foreign banks are clearly operating here in the united states as well. and i think in...
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tonight, that bank, hsbc is apologizing. one exec says is he quitting and shutting down thousands of accounts. measure's enemies funneled billions and billions of dollars to hsbc u.s. affiliate. senators say that threatens the entire nation. not just the financial system. >> wrong doers can use u.s. dollars and u.s. wire transfers to commit crimes arm terror groups. produce and transport illegal drugs. loot governor coffers and even pursue weapons of mass destruction. >> i have said before and i will say again, despite the best enforce and intentions of many dedicated professionals, hsbc has fallen short of our own expectations and the expectations of our regulators. >> shepard: best efforts. the justice department reports it's also investigating hsbc and analysts say that bank could be looking at a fine of a billion dollars. enough to make a bell ring. gerri willis from the fox business network is here. should would he be skeptical that hsbc can fix these problems without, i don't know, some oversight. >> senators weren't b
tonight, that bank, hsbc is apologizing. one exec says is he quitting and shutting down thousands of accounts. measure's enemies funneled billions and billions of dollars to hsbc u.s. affiliate. senators say that threatens the entire nation. not just the financial system. >> wrong doers can use u.s. dollars and u.s. wire transfers to commit crimes arm terror groups. produce and transport illegal drugs. loot governor coffers and even pursue weapons of mass destruction. >> i have said...
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Jul 31, 2012
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. >>> stocks finish flat, hsbc takes another hit and the end of a rhode island institution. the first look at this morning's business headlines is straight ahead. >>> ichiro hits the century mark, and the angels pull the old switcher yo on the rangers. you're watching "first look" on msnbc. ♪ the one and only, cheerios [ female announcer ] the next generation of investing technology is now within your grasp with the e-trade 360 investing dashboard. e-trade 360 is the world's first investing homepage that shows you where all your investments are and what they're doing with free streaming quotes, news, analysis and even your trade ticket. everything exactly the way you want it, all on one page. transform your investing with the e-trade 360 investing dashboard. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers. this is your moment. let nothing stand in yo
. >>> stocks finish flat, hsbc takes another hit and the end of a rhode island institution. the first look at this morning's business headlines is straight ahead. >>> ichiro hits the century mark, and the angels pull the old switcher yo on the rangers. you're watching "first look" on msnbc. ♪ the one and only, cheerios [ female announcer ] the next generation of investing technology is now within your grasp with the e-trade 360 investing dashboard. e-trade 360 is...
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hsbc's u.s. affiliate, this report says, handled nearly 25,000 transactions that were involving iran in spite of course u.s. sanctions against iran. some bank were aware of the transactions and the european affiliates stripped out information that linked them to iran. and the bank itself in a review said that they had found nearly $20 billion of this type of transactions. now, the senate subcommittee does say that hsbc has been cooperating and providing documents, but they also criticize government regulators who they say allowed this problem to fester for years. and then finally, wolf, lots of information here, the justice department also has its own investigation of hsbc. >> i suspect a lot more is about to come out. thanks so much for that report, jill dougherty. >>> meanwhile, also here in washington the fed chairman, ben bernanke, gave investors a bit of hope today. lisa sylvester's back. she's monitoring that story. what did he say? what's going on? >> wolf, everything's relative. bernanke
hsbc's u.s. affiliate, this report says, handled nearly 25,000 transactions that were involving iran in spite of course u.s. sanctions against iran. some bank were aware of the transactions and the european affiliates stripped out information that linked them to iran. and the bank itself in a review said that they had found nearly $20 billion of this type of transactions. now, the senate subcommittee does say that hsbc has been cooperating and providing documents, but they also criticize...
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hsbc said this. it takes compliance with the law wherever it operates very seriously, saying we will acknowledge that in the past we have sometimes failed to meet the standards that regulators and customers expect. now the bank says it's also beefed up its oversight over the past year. carol? >> it just makes you wonder if this is typical behavior or they just got caught. >> well, it does make you wonder. other banks had paid fines. aig has paid millions in fines. wells fargo, a long time ago. wachovia yaualso had to pay millions after authorities found similar transition actions. >> trading on wall street started moments ago. the opening bell rang just at 9:30. stocks are up just minutes into the day. more banking news released. citigroup outperformed expectations, announcing second quarter earnings of 95 cents a share. and shares of goldman sachs jumped after the investment bank reported second quarter earnings that topped forecasts. >>> america's first couple is making news this morning after a ba
hsbc said this. it takes compliance with the law wherever it operates very seriously, saying we will acknowledge that in the past we have sometimes failed to meet the standards that regulators and customers expect. now the bank says it's also beefed up its oversight over the past year. carol? >> it just makes you wonder if this is typical behavior or they just got caught. >> well, it does make you wonder. other banks had paid fines. aig has paid millions in fines. wells fargo, a...
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. >>> an alleged lack of control and oversight at hsbc created an environment which allowed that bank to be used to launder drug money from around the world. a u.s. senate investigation revealed that executives of europe's largest bank ignored regular complaints from bank employees which allowed the laundering to take place for at least eight years. the senate report also says a failure to act by u.s. regulators led billions of dollars in drug money from mexican cartels to be laundered through hsbc. the report also says suspicious funding from syria, the cayman islands, iran and saudi arabia also passed through the bank. the u.s. senate is scheduled to hold a hearing into this matter later today. >>> later today, an ntsb team is going to arrive in maryland to investigate a deadly plane crash in laytonsville. a 1964 beach craft a23 went down just before 7:30 last night near davis airport. it came to a stop in a wooded area just beyond the airport's runway. it was carrying a pilot and a flight instructor. the flight instructor was killed in the crash. the pilot was flown to a local hosp
. >>> an alleged lack of control and oversight at hsbc created an environment which allowed that bank to be used to launder drug money from around the world. a u.s. senate investigation revealed that executives of europe's largest bank ignored regular complaints from bank employees which allowed the laundering to take place for at least eight years. the senate report also says a failure to act by u.s. regulators led billions of dollars in drug money from mexican cartels to be laundered...
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on monday, the senate subcommittee released a damaging report against hsbc. it says the bank had lax controls that allowed mexican drug cartels to launder billions of dollars. the report also found hsbc violated bans on transactions with iran and conducted business with banks in the middle east that may have had ties with al qaeda. >>> asian stocks are up slightly this morning on hopes china might take steps to boost its slowing economy. the nikkei rose a fraction while hong kong's hang seng jumped about 1.5%. >>> june was the third straight month americans cut back on their spending. retail sales fell as consumers spent less on cars, furniture and appliances. the last time retail sales fell in three straight months was in 2008 during the financial crisis. that report sent stocks lower on wall street. the dow lost 49 points while the nasdaq fell 11. >>> there could be more pressure on california's already troubled state and local governments. the california public employees retirement fund collected a 1% annual return on its investments instead of the project
on monday, the senate subcommittee released a damaging report against hsbc. it says the bank had lax controls that allowed mexican drug cartels to launder billions of dollars. the report also found hsbc violated bans on transactions with iran and conducted business with banks in the middle east that may have had ties with al qaeda. >>> asian stocks are up slightly this morning on hopes china might take steps to boost its slowing economy. the nikkei rose a fraction while hong kong's...
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Jul 4, 2012
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hsbc posted its version of the services s pmi. coal stocks rebounded, but the market failed to gain traction on the back of weakness in the financial space. and japan's nikkei rose to a two-month high led by gains in energy sector index heavyweight fast retailing soft banks shares also rose lending support. and south korea, the kospi tongue about 0.4%. samsung electronics shares rose despite a fresh legal setback over in the u.s. and australia outperformed hitting a seven-week high. may retail data helped boost sentiment. and a quick check on india. reversed earlier losses gaining about 0.2%. let's take a break now. "worldwide exchange" will be right back. ♪ ♪ ♪ ♪ [ male announcer ] what's the point of an epa estimated 42 miles per gallon if the miles aren't interesting? the lexus ct hybrid. this is the pursuit of perfection. >>> you're >>> you're watching "worldwide exchange." >> welcome back. the german chancellor angela merkel and the italian prime minister mario monti are meeting in rome as the italian budget deficit w
hsbc posted its version of the services s pmi. coal stocks rebounded, but the market failed to gain traction on the back of weakness in the financial space. and japan's nikkei rose to a two-month high led by gains in energy sector index heavyweight fast retailing soft banks shares also rose lending support. and south korea, the kospi tongue about 0.4%. samsung electronics shares rose despite a fresh legal setback over in the u.s. and australia outperformed hitting a seven-week high. may retail...
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Jul 18, 2012
07/12
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so even though the hsbc group was unnoticed as early as 2001 with hsbc affiliate's rescinding these transactions through their accounts in the u.s. nobody did anything to stop it for years. mr. bagley, an 2003 du become the head of compliance through the entire group. earlier that month the middle east of delhi at sent them a memo laying out the business case there was a substantial income opportunity coming in here is what you wrote in 2003. the business case includes a number of express references to practices which may constitute a breach of u.s. sanctions. but then in october 2003, this is exhibit 48, one of your attorneys and group compliance wrote for to you that six banks were processing the u.s. dollar payments and that the payments were being altered by them before going to the hbus. he said that it is removing the remitters name. breaching the u.s. sanctions as a serious matter and as the head of compliance you are making that point. when you learned that it was removing the names of the pyrenean banks, why was not the practice simply stopped right then worth the hassle but that hindsi
so even though the hsbc group was unnoticed as early as 2001 with hsbc affiliate's rescinding these transactions through their accounts in the u.s. nobody did anything to stop it for years. mr. bagley, an 2003 du become the head of compliance through the entire group. earlier that month the middle east of delhi at sent them a memo laying out the business case there was a substantial income opportunity coming in here is what you wrote in 2003. the business case includes a number of express...
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. >> hsbc had in their words a pervasively polluted culture. allowed the british bank to act as a financier to clients to seek questionable funds from dangerous and secretive corners of the world. including mexico, iran, the cayman islands, curb and sir yorks hsbc and regulators will face touch questions at a hearing today how the abuses were allowed to continue after the bank faced regulator action in 2012. >> let's get a check on the markets. yesterday was the seventh day out of eighth that the markets closed lower. this morning you do see some green arrows. do you futures up by 32 points. s&p up by 3.5. asia also up earlier today and that was the third session in a row higher numbers out of asian markets. oil prices have also been climbing. we'll keep an eye on that. right now you'll see that oil prices are up about 17 cents and this comes just as we had been watching oil prices yesterday up at 1.5 month highs. pull back a little bit at $88.60, pull back up. let's take a look at the ten year. at this point the ten year note is yielding, 1.48
. >> hsbc had in their words a pervasively polluted culture. allowed the british bank to act as a financier to clients to seek questionable funds from dangerous and secretive corners of the world. including mexico, iran, the cayman islands, curb and sir yorks hsbc and regulators will face touch questions at a hearing today how the abuses were allowed to continue after the bank faced regulator action in 2012. >> let's get a check on the markets. yesterday was the seventh day out of...
WHUT (Howard University Television)
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Jul 31, 2012
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. >> hsbc is no. 3 on our list. they recently had a deferred prosecution agreement with the department of justice for laundering $14 million of cartel drug money. they got off with a $1 billion parking ticket. profits per year are about $20 billion. this is the obama administration basically deciding not to close this bank, even though investigators i have spoken to at the bank, who looked closely at the bank, said this is like the 1990's british daily differences that was a pakistani bank, which we decided to close down. hsbc is one of the top 10 banks on the list. collectively, this 10 banks manage about $6.30 trillion of the $12.30 trillion located in the top 50 banks. the other names mentioned, at ubs, credit suisse, hsbc, jpmorgan, deutsche bank, barclays. >> what about large corporations? he talked about moving intellectual property offshore. corporations like google and pfizer? >> and our fellow "were not broke" we talk about corporate tax evasion. this is the latest in the software industry and the health-ca
. >> hsbc is no. 3 on our list. they recently had a deferred prosecution agreement with the department of justice for laundering $14 million of cartel drug money. they got off with a $1 billion parking ticket. profits per year are about $20 billion. this is the obama administration basically deciding not to close this bank, even though investigators i have spoken to at the bank, who looked closely at the bank, said this is like the 1990's british daily differences that was a pakistani...
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Jul 19, 2012
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the newspapers say the probe is centered around deutsche bank, hsbc, socgen and c agricole. that's the suspicion so that's why we have the investigation to begin with. it's about collusion. >> not necessarily collusion. there were two different things happening. specific traders within barclays. >> original investigation was into, was the wholly bore rate. >> no. it was into whether individual banks in the first place trying to rig it at all. having established that are they colluding. central bankers will debate how borrowing rates are determined. meeting in switzerland on september 9th. the chair of the financial stability board has raised the prospect that libor may have to be abandoned. find out more on how libor can regain its credibility go to our website at cnbc.com. >> japanese banking lobby head said no involvement by japanese banks in the manipulation of libor at all. >> you have to wonder about tibor. not japanese banks but banks manipulating the japanese interlending bank. >> e-mail us at worldwide@cnbc.com and you can, of course tweet us at cnbcwex. if you have
the newspapers say the probe is centered around deutsche bank, hsbc, socgen and c agricole. that's the suspicion so that's why we have the investigation to begin with. it's about collusion. >> not necessarily collusion. there were two different things happening. specific traders within barclays. >> original investigation was into, was the wholly bore rate. >> no. it was into whether individual banks in the first place trying to rig it at all. having established that are they...
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Jul 17, 2012
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hsbc just announcing that they are in the process of closing those accounts, jenna. jenna: in the process, huh? not closed yet? >> reporter: yeah, not yet. nna: a fascinating report, catherine. thank you very much for that. talking about the financing for iran and that report, we're going to talk a little bit more coming up this hour on the way that iran is finding its own way around international sanctions when it comes to what's happening with their oil business. we're going to talk with a journalist with years of experience covering these rogue regimes, and she's an interesting perspective for us today. jon: be fascinating to hear what she has to say. the very special greeting in space. the newest american orbit arrives at the international space station. what's so significant about her arrival? that's coming up. jenna: and the price of your next coca-cola may be going up. we're going to tell you why next. jon: also, the desperate and very sad search for two missing cousins. they just simply vanished. we'll get you the very latest. >> my stomach's just in knots ov
hsbc just announcing that they are in the process of closing those accounts, jenna. jenna: in the process, huh? not closed yet? >> reporter: yeah, not yet. nna: a fascinating report, catherine. thank you very much for that. talking about the financing for iran and that report, we're going to talk a little bit more coming up this hour on the way that iran is finding its own way around international sanctions when it comes to what's happening with their oil business. we're going to talk...
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Jul 17, 2012
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lawmakers are grilling hsbc bosses for their role in the money laundering. senate says the british banking giant allowed billions of dollars to be transferred to dangerous gangs and terrorist groups. maggie is joining us to help sort all of it out. this is europe's largest bank. we're not just talking about errors of rogue traders here. this is a decade where they're saying crimes occurred and this much money was going to terrorist organizations. how did this happen? how do they explain this? >> they're having a hard time doing it, i tell you, suzanne. we've become immune to hearing about financial scandals, derivatives and the such. this is shocking compared to that. i mean, we are talking about basically allegations of hsbc in some cases being banker to some of the world's most wanted criminals. mexican drug cartels, $7 billion in cash transfers over two years. shadow accounts in the cayman islands. a saudi bank with links to al qaeda terrorists. iranians looking to skirt u.s. sanctions. $20 billion worth of transactions. so these are specific. they take p
lawmakers are grilling hsbc bosses for their role in the money laundering. senate says the british banking giant allowed billions of dollars to be transferred to dangerous gangs and terrorist groups. maggie is joining us to help sort all of it out. this is europe's largest bank. we're not just talking about errors of rogue traders here. this is a decade where they're saying crimes occurred and this much money was going to terrorist organizations. how did this happen? how do they explain this?...
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what hsbc is being accused of, is it illegal or more complicated than that? >> it's good to be here today. i believe what they are being charged with in the senate probe is failure of controls, not doing enough to guard against illegal infiltration of illicit money into the banking system and banking accounts and businesses and banks financial institutions that hsbc does business with. >> in 2007 and 2008, the company's mexico unit shipped $7 billion in cash to the u.s. and now u.s. law enforcement is saying, that could have only happened if those included illegal drug proceeds. so what responsibility would have hsbc had or this government agency monitoring them to stop them? >> it's first important to note that this probe is not revealing new charges. mexican authorities, u.s. officials were well aware that these funds were coming through the hsbc affiliate. however there was not the proper enforcement action by u.s. banking regulators to make sure that hsbc was held accountable for monitoring illicit transactions going on in their own banking institutions a
what hsbc is being accused of, is it illegal or more complicated than that? >> it's good to be here today. i believe what they are being charged with in the senate probe is failure of controls, not doing enough to guard against illegal infiltration of illicit money into the banking system and banking accounts and businesses and banks financial institutions that hsbc does business with. >> in 2007 and 2008, the company's mexico unit shipped $7 billion in cash to the u.s. and now u.s....
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Jul 17, 2012
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senate report accuses hsbc of a, quote, pervasively polluted culture, alleging the bank failed to prevent billions of dollars in transfers believed to be linked to drug gangs and terror groups. >>> delta airlines is working with the fbi and dutch authorities after what appeared to be sewing needles that were found in sandwiches on four separate flights from amsterdam to the u.s. on sunday. >>> yahoo! appointed longtime google executive marissa meyer as its fifth ceo in as many years in an attempt to turn around the struggling search engine. >>> and, finally, a 9-year-old landscape artist from england just passed a million pounds in lifetime earnings after selling 24 of his paintings for just under $400,000. >>> well, coming up the tigers rally, a twin gets down and dirty, and a tie-breaking grand slam. >>> plus, what the president and first lady did when they can were caught on the kiss cam. your early morning sports headlines are straight ahead. >>> and this heat wave is finally going to come to an end for the areas in the northern plains and the great lakes. it's about time too. your fo
senate report accuses hsbc of a, quote, pervasively polluted culture, alleging the bank failed to prevent billions of dollars in transfers believed to be linked to drug gangs and terror groups. >>> delta airlines is working with the fbi and dutch authorities after what appeared to be sewing needles that were found in sandwiches on four separate flights from amsterdam to the u.s. on sunday. >>> yahoo! appointed longtime google executive marissa meyer as its fifth ceo in as many...
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Jul 16, 2012
07/12
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we have got a statement here from hsbc. we have sometimes failed to meet the standards that regulators and customers expect. we will apologize, acknowledge the mistakes, answer for the 5:00s and give our absolute commitment to fixing what went wrong. testifying before the committee tomorrow so we will hear all of these allegations in great detail tomorrow and throughout the rest of the weekend. >> wow. sounds like the stuff of a novel. >> i think -- i don't know. in other words they just continue to come out. you can never -- it's not safe to get back in the pool. >> there is a picture of the stock in the after hours session. don't know what the volume is here but it is dropping on this news. we continue to follow the yahoo! story and it is a website that is changing the face of real estate. the boss up after the break. >> they missed social, media, video. they need to go back to basics and clean up the site and figure out how to initiate new products or partners so they can get into some of the sexy areas on the net. makin
we have got a statement here from hsbc. we have sometimes failed to meet the standards that regulators and customers expect. we will apologize, acknowledge the mistakes, answer for the 5:00s and give our absolute commitment to fixing what went wrong. testifying before the committee tomorrow so we will hear all of these allegations in great detail tomorrow and throughout the rest of the weekend. >> wow. sounds like the stuff of a novel. >> i think -- i don't know. in other words they...
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Jul 17, 2012
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hsbc released a statement saying they will make a full apology at today's hearing. the justice department is conducting a criminal investigation. it's not clear whether the hsbc will reach a settlement with the justice department. bill: we will be listening, i know you will as well. that hearing continues live on the hill and is streaming on our website at foxnews.com. more on that as we get it here. 7 minutes past the hour. martha: the fight for the white house, governor romney's corner is going on the offensive. carl cameron is in irwin, pennsylvania. this is day two of a charge of playing political favorites and cronyism that we've been hearing about from the romney camp. >> the sign behind me says it all, obama's upside down economy. and today what mr. romney will be doing is essentially arguing that president obama just doesn't get it again. this time he'll point to some of the remarks the president made last week where he seemed to suggest the private sector growth and jobs across the economy are only successful because of government's role in all of that, rep
hsbc released a statement saying they will make a full apology at today's hearing. the justice department is conducting a criminal investigation. it's not clear whether the hsbc will reach a settlement with the justice department. bill: we will be listening, i know you will as well. that hearing continues live on the hill and is streaming on our website at foxnews.com. more on that as we get it here. 7 minutes past the hour. martha: the fight for the white house, governor romney's corner is...
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Jul 17, 2012
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senate report says hsbc handled funds for mexican drug cartels, as well as for iranians and saudis linked to terror. a top senator says the culture at europe's largest bank was, quote, pervasively polluted. the justice department is conducting a criminal investigation into the operations. >>> yahoo! search finds a new ceo. they're tapping marissa mayer, an executive at archrival google. she'll be the company's fifth chief executive in five years. and says her goal is to make using yahoo! more rewarding, something you'll want to do every day. mayer will be one of the few female executives in silicon valley. >> very impressive lady. >>> there's another major step this morning in the fight against hiv. the food and drug administration has approved truvada, the first drug that's proven to be effective in preventing the virus that causes aids. it's already used for those infected with hiv. but it is expensive. almost 14,000 bucks a year. >>> and an old friend is now on new media. larry king's new interview program is now on hulu. although, it will include more than just interviews. seth mcfarl
senate report says hsbc handled funds for mexican drug cartels, as well as for iranians and saudis linked to terror. a top senator says the culture at europe's largest bank was, quote, pervasively polluted. the justice department is conducting a criminal investigation into the operations. >>> yahoo! search finds a new ceo. they're tapping marissa mayer, an executive at archrival google. she'll be the company's fifth chief executive in five years. and says her goal is to make using...
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Jul 17, 2012
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the report also says hsbc bought mexico's 5th largest bank in 2002 despite acknowledging it had no recognizable way of guarding against money laundering. the division shipped 7 million to u.s. banks in 2007 and 2008. that is more than others combined. it had a branch in the cayman islands that had no office in their staff but held 15,000 client accounts and billions of dollars. the report goes on to accuse the bank of violating u.s. tankses against iran north korea and sudan. >>> they said they made changes to the corporate structure in response to the court. it plans to apologize for failing to meet regular story and standards and organizers could and should have been more expected in order to stop unacceptable behavior. >>> see how it goes over on capitol hill but it is set to kickoff 9:30 eastern. >>> 7 minutes after the hour. a frightening scene caught on camera here in new york. a 7-year-old girl, look at this. falls from a window. we will have a live report on -- it's a good ending. we want to tell you that. it is an amazing story. tell you about it coming up. >> last chance answer for th
the report also says hsbc bought mexico's 5th largest bank in 2002 despite acknowledging it had no recognizable way of guarding against money laundering. the division shipped 7 million to u.s. banks in 2007 and 2008. that is more than others combined. it had a branch in the cayman islands that had no office in their staff but held 15,000 client accounts and billions of dollars. the report goes on to accuse the bank of violating u.s. tankses against iran north korea and sudan. >>> they...
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Jul 18, 2012
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leaders of the british bank hsbc went before a u.s. senate committee today over allegations of laundering drug money. a senate investigation found the bank failed to stop mexican cartels from running funds through its u.s. operations. the head of the u.s. branch said hsbc had been lax. >> we must have the proper controls and systems in place to ensure that we are doing the right business in the right monitored.usususususan >> holman: also at the hearing, ompliance officer announced he was stepping down from that position, but will remain at the bank. in syria today, fighting between government forces and rebels escalated in damascus. and hundreds more people fled into neighboring turkey and jordan, where the british foreign secretary toured the scene. we have a report on the fighting and the refugees from john ray of independent television news. >> this is a battle that the president cannot afford to lose. his tanks and his troops are pouring into damascus. to come front the rememberral fighters who have held out for three days. these
leaders of the british bank hsbc went before a u.s. senate committee today over allegations of laundering drug money. a senate investigation found the bank failed to stop mexican cartels from running funds through its u.s. operations. the head of the u.s. branch said hsbc had been lax. >> we must have the proper controls and systems in place to ensure that we are doing the right business in the right monitored.usususususan >> holman: also at the hearing, ompliance officer announced...
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Jul 19, 2012
07/12
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he'll be joining execs from barclays and hsbc embroiled in a money land laundering scandal. which is the candidate that hab hasn't been vetted? >> maybe what romney is trying to do is to show the conservative base he's not ashamed to be seen with hedge fund managers and other members of the 1%. this is sort of almost flaunting his 1% and it's terrible optics, but i really am starting to think that the romney strategy is we can withstand anything no matter how negative because they've hinged their strategy on they think people just want obama out. >> and they think that the economy is so bad and people are so angry about the economy that that, too, thewill truch. >> but i think they're wrong because they're looking at an c eco chamber. when the polls actually show that's really not the case. >> right. >> i'm not so sure that i think their strategy is so crazy. the economy is bad. in a prior presidential elections show that people vote their pocketbooks. the eco chamber might be more on the democratic side. where actually people don't care that much if he's hanging out with we
he'll be joining execs from barclays and hsbc embroiled in a money land laundering scandal. which is the candidate that hab hasn't been vetted? >> maybe what romney is trying to do is to show the conservative base he's not ashamed to be seen with hedge fund managers and other members of the 1%. this is sort of almost flaunting his 1% and it's terrible optics, but i really am starting to think that the romney strategy is we can withstand anything no matter how negative because they've...
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Jul 2, 2012
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i spoke to hsbc and here's what he had to say. >> i think that as we, you know, see going forward in the next 5, 10, 15 years, there is a clear rebalancing which is going on. and it is produced on exports to grow will start rebalancing towards his port. and i think in that context, germany will, according to the report that we've got, start presuming more and start importing more and that's how it will move towards being one of the largest importers in world. and so will china. so germany, china, india, brazil, all of these economies will be much faster than the support growth. and the traditional economies like u.s., u.k., france, spain with the exports of basic imports as we go forward. >> achnd all of this, i'm sorry including germany's import demand you see happening despite a pretty secure europeyoueurope crisis? >> well, in terms of the debt crisis, the crisis has been with us in one shape or form for the last four, five years. and everybody if you see the figures if r the first quarter this year, what have grown by over 5%. i'm here with 52 entrepreneurs and say we will keep i
i spoke to hsbc and here's what he had to say. >> i think that as we, you know, see going forward in the next 5, 10, 15 years, there is a clear rebalancing which is going on. and it is produced on exports to grow will start rebalancing towards his port. and i think in that context, germany will, according to the report that we've got, start presuming more and start importing more and that's how it will move towards being one of the largest importers in world. and so will china. so...